The funding quintuples the company’s valuation to reach $1.23B. Here are the top-line bullets you need to know.
Cerebral, a mental health startup, has raised $127M in a Series B round with participation from WestCap Group, Oak HC/FT Partners, and Silver Lake, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Cerebral is an online mental health subscription platform for psychiatric and behavioral therapy services. A subscription provides patient with access to behavioral counselors, talk therapists, prescriptions, and ongoing counseling sessions.
- The company boasts a network of 1,900 contract-based and full-time clinicians.
- Cerebral has catered to more than 100,000 patients and has over 2,000 employees.
- The company has partnered with insurer providers Cigna and Anthem and reportedly hopes to be in-network for all insured US citizens by the end of 2023.
Source: Cerebral
WHY DOES THE MARKET MATTER?
- The telemental health market is projected to grow at a CAGR of 24.65% and reach a value of $15.15B by 2026, according to Databridge Market Research.
- The Covid-19 pandemic drove growing demand for virtual mental health counseling and support services.
